3M Company (MMM) Q1 2023 Earnings Call Transcript

For the period ending March 31, 2023

April 25, 2023 9:00 a.m. ET

Prepared Remarks

Questions and Answers

Call Participants

Prepared Remarks:

Operator

Ladies and gentlemen, thank you for standing by. Welcome to the 3M First Quarter Earnings Conference Call. During the presentation, all participants will be in a listen-only mode. Afterwards, we will conduct a question-and-answer session. As a reminder, this conference is being recorded, Tuesday, April 25, 2023. I would now like to turn the call over to Bruce Jermeland, Senior Vice President of Investor Relations at 3M.

Bruce Jermeland - Senior Vice President, Investor Relations

Thank you and good morning, everyone and welcome to our fourth quarter earnings conference call. With me today are Mike Roman, 3M’s Chairman and Chief Executive Officer and Monish Patolawala, our Chief Financial and Transformation Officer. Mike and Monish will make some formal comments then we will take your questions. Please note that today’s earnings release and slide presentation accompanying this call are posted on the homepage of our Investor Relations website at 3m.com.

Please turn to Slide 2. Please take a moment to read the forward-looking statement. During today’s conference call, we will be making certain predictive statements that reflect our current views about 3M’s future performance and financial results. These statements are based on certain assumptions and expectations of future events that are subject to risks and uncertainties. Item 1A of our most recent Form 10-K lists some of the most important risk factors that could cause actual results to differ from our predictions. Please note throughout today’s presentation, we will be making references to certain non-GAAP financial measures. Reconciliations of the non-GAAP measures can be found in the attachments to today’s press release.

With that, please turn to Slide 3. And I will now hand the call off to Mike. Mike?

Mike Roman - Chairman and CEO

Thank you, Bruce. Good morning, everyone and thank you for joining us. Before I recap our first quarter, I want to discuss actions we are taking to improve our performance. As you recall, over the past few years, we have implemented a new global operating model led by our four business groups, which included moving to a common global supply chain design end-to-end. We have since advanced our digital capabilities, further repositioned our portfolio and continue to invest in growth and productivity.

Our experience throughout this journey, including lessons learned during the pandemic, supply chain disruptions, and changing global trends has shown us what is working and what we can do better. As I said last quarter, we are looking at everything we do. Today, we are announcing additional actions to improve our cost structure, streamline our corporate center, strengthen our supply chain, enhance our go-to-market models and drive greater focus in markets, where 3M science gives us a clear competitive advantage.